Mumbai: The Enforcement Directorate (ED) on Wednesday attached properties worth Rs. 13 crore of the Indian Performing Rights Society (IPRS) under the Prevention of Money Laundering Act (PMLA).
The company allegedly collected music royalties from various sources but didn’t distribute the money among lyricists and music directors.
IPRS issues licences to users of music and collects royalties from them for and on behalf of its members, which include producers, music composers and lyricists. The IPRS then divides the royalty among its members, after deducting its administrative costs.
ED officials stated that there are many allegations against the company and police cases have been registered against them at different places.
